Andrey Kostin, the president and chairman of the management board of Russia's VTB Bank, recently visited Azerbaijan, where he discussed the VTB Group's development in the region with President Ilham Aliyev.

Kostin also met with Azerbaijan's economic, tax and industry ministers, the management of the State Oil Fund of Azerbaijan - one of VTB Bank's major shareholders following the Bank's SPO last year - and the management of several potential clients among Azerbaijan's oil companies.

"It was a hugely successful visit. VTB has been working to attract investment into the region, in particular the real sector of the economy and banking services for consumers and companies in Azerbaijan. President Ilham Aliyev has expressed support for this policy," Kostin said.

The VTB Group, comprised of VTB Bank and it subsidiaries, offers a wide range of banking services and products in Russia, CIS, Europe, Asia, Africa and the U.S.